Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting third quarter net income of $154 million, up from $59 million during the same period the previous year. Chief Executive Officer Mark Millett says continued positive momentum in the flat roll metal supply led to an 11 percent boost in operating earnings.
Millett says strong cash generation has allowed the company to maintain record liquidity. He added, "Year-over-year flat roll steel import levels declined approximately 20 percent, while customer inventory levels remained low compared to historical averages. The domestic steel demand outlook is relatively unchanged, with the heavy equipment, agricultural and energy markets remaining weak, while automotive continues to be strong and construction continues to improve."
During the third quarter, Steel Dynamics completed its $114 million acquisition of Alabama-based Vulcan Threaded Products Inc. Millett says the earnings report shows the company is "well-positioned for growth" moving forward.